Sexiest Entrepreneurship of 21st Century: Machine Learning as a Service (MLaaS)
Machine Learning is a buzzword and no one is left unheard of the quote that data scientist aka machine learning expert is going to be the sexiest job of the century. I add over and above that the Sexiest Entrepreneurship of the 21st century is Machine Learning as a Service (MLaaS).
Introduction
I am not going to answer what is machine learning here because there are trillions of articles on this. I want to talk about the rarity — entrepreneurship with machine learning.
MLaaS is a machine learning-based service that a user can use without technical knowledge of machine learning for making decisions. You can make the comparison of a farmer who knows how to plough a farm with the help of a tractor but he needs not know about agriculture engineering.
Basic Architecture of MLaaS
Machine learning service is normally supplied through the URLs to the users. Users can log in as they do with their mail services and they can start using the services.
Let me make it clear with an example. A chest specialist doctor very frequently observes the chest X-ray images of the patients. His correct judgment depends on how experienced he is.
Machine learning can help doctors in this. A machine learning model can be trained to identify the diseased X-rays from normal X-rays through an appropriate machine learning algorithm. After gaining significant accuracy, the machine learning model can be supplied fresh X-ray images and it can predict whether the X-ray image is healthy or not.
Now, how machine learning model can be provided to a chest specialist so that he can evaluate his patients’ X-ray images. Following are the steps to make it available:
A. Building Machine Learning Model with High Accuracy
B. Hosting the Machine Learning Model on Cloud Server
C. Creating User Interface for Inputs and Outputs
In the next articles, I will discuss each step in detail. For now, I want to emphasize is that the example of the X-ray Machine Learning Model can be provided to doctors on a subscription basis through a website URL.
Business Potential
Let’s say there are 2000 doctors who subscribe to your MLaaS service and they pay you Rs.1000 per month. Can you calculate the revenue …… i.e. Rs. 20 Lac per month. After subtracting all types of costs, you may still have whopping margins as this business is a brick-mortar-free business.
You can operate this from your 10 X 10 room in the comfort of your home.
